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Currencies

Nigeria’s worsening current account deficit piles pressure on exchange rate

The current account deficit is critical to deciding on whether to devalue or not.

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Nigeria’s current account deficit closed at $4.8 billion dollars at the end of March 2020 as the country continues to import more than its exports. This is according to provisional data from the CBN and analyzed by Nairametrics research. 

This is as the country continuous to face pressure pressure to unify the exchange rate and reflect the true value of the naira against the dollars.

current account deficit occurs when a country’s foreign liabilities exceed its foreign assets. It is exacerbated when the country imports more than it exports.  Nigeria has reported a negative current account balance in 15 quarters out of the 25 quarters since 2014 under the Buhari administration. The figures are stated net because the inflows are set off against outflows, thus a negative balance deficit. 

READ ALSO: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

Nigeria recorded a current account deficit of N17 trillion in 2019 the highest since we started tracking in 2014. In the last quarter of 2014, Nigeria’s current account deficit was a whopping $6.9 trillion one of the worst on record. 

GTBank 728 x 90

Large current account deficits typically fan devaluation calls as it suggest the country’s reserve is not adequate to meet long term commitments hence the need to adjust the currency. In March the central bank devalued the official rate at the NAFEX to about N388/$1 and recently devalued the exchange rate window for importers to N380/$1. 

First Quarter Deficit  

 

Current Account Deficit
Source: CBN/Nairametrics Research.

GTBank 728 x 90

READ ALSO: Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

According to the data, Nigeria’s total exports was $13.3 billion out of which crude oil and gas exports was $11.2 billion. Non-oil exports was $2.1 billion. Nigeria’s non-oil import was $11 billion out of which services gulped $8.8 billion. Investment income which includes dividends cost about $2.8 billion in currency outflows. 

Services remains a huge source of forex outflows in the country and it comprises of travel, transportation, payment for technical services etc. Services gulped about $33 billion last year alone. However, net portfolio outflows in the first quarter of 2020 was as high as $8.3 billion out of which $6.9 billion was for debt securities mostly short term.

In total about $12.8 billion was outflowed from the country for debt securities in the 4th and 1st quarter of 2019 and 2020 respectively.

READ ALSO: Current accounts drop by 4.5 million, as PoS transactions hit N373 billion

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What this means 

As the country continues to deal with the twin challenges of a drop in crude oil prices and the covid-19 pandemic there is an urgent need to reverse the trend of a current account deficit if it is to keep the exchange rate stable. Depending on who you listen to, pent up dollar demand could be as high as $2 billion leading calls for another devaluation.

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The world bank has also called for a unification of the exchange rate, a situation that could either lead to a devaluation or beyond the NAFEX rate or enforce stability if there is enough liquidity. The exchange rate at the black market is currently N365/$1 however the external reserve is about $36.1 billion. 

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Currencies

Daily Parallel Market Exchange Rate – ₦460/$1

The US dollar stands at ₦460/US$1 in the parallel market

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on

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Tuesday, October 20th 2020), stands at 460/US$1 in the parallel market. The rate had also closed at 460/US$1 on Monday, October 19th 2020.

  • Naira:460
  • Dollar: $1
  • Date: October 20th, 2020

The exchange rate between the naira and the British pound sterling stands at ₦593/₤1 on Tuesday, 20th October 2020. The rate had also closed at ₦592/₤1 on Monday, October 19th 2020.

  • Naira: ₦593
  • Pounds Sterling: ₤1
  • Date: October 20th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦540/€1 on Tuesday 20th October 2020. The rate had also closed at ₦535/€1 on Monday, October 19th 2020.

  • Naira: ₦540
  • Euro: €1
  • Date: October 20th, 2020

Activity: US Dollar stands at 460/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
10/20/2020Dollar456460
10/20/2020Pounds582593
10/20/2020Euro535540
10/19/2020Dollar455460455460Low
10/19/2020Pounds583592583592Low
10/19/2020Euro530535530535Low
10/16/2020Dollar455460455460Low
10/16/2020Pounds583592583592Low
10/16/2020Euro530535530535Low
10/15/2020Dollar455460455460Low
10/15/2020Pounds583592583592Low
10/15/2020Euro530535530535Low
10/14/2020Dollar455460455460Low
10/14/2020Pounds585590585590Low
10/14/2020Euro530535530535Low
10/13/2020Dollar453458455460Low
10/13/2020Pounds585590585590Low
10/13/2020Euro530535530535Low
10/12/2020Dollar452458452458Low
10/12/2020Pounds580585580585Low
10/12/2020Euro530535530535Low
10/9/2020Dollar452457452457Low
10/9/2020Pounds585590585590Low
10/9/2020Euro535540535540Low
10/8/2020Dollar452457452457Low
10/8/2020Pounds585590585590Low
10/8/2020Euro535540535540Low
10/7/2020Dollar452457452457Low
10/7/2020Pounds585590585590Low
10/7/2020Euro535540535540Low
10/6/2020Dollar452457452457Low
10/6/2020Pounds580585580585Low
10/6/2020Euro535540535540Low
10/5/2020Dollar452455452455Low
10/5/2020Pounds570580570580Low
10/5/2020Euro540545540545Low
10/2/2020Dollar460465460465Low
10/2/2020Pounds575585575585Low
10/2/2020Euro530540530540Low
10/1/2020Dollar460465460465Low
10/1/2020Pounds575585575585Low
10/1/2020Euro530540530540Low
9/30/2020Dollar460465460465Low
9/30/2020Pounds570580570580Low
9/30/2020Euro530535530535Low
9/29/2020Dollar460465460465Low
9/29/2020Pounds565575570580Low
9/29/2020Euro530535530535Low
9/28/2020Dollar460465460465Low
9/28/2020Pounds565570565570Low
9/28/2020Euro530535530535Low
9/25/2020Dollar460465460465Low
9/25/2020Pounds565575565575Low
9/25/2020Euro535540535540Low
9/24/2020Dollar460465460465Low
9/24/2020Pounds565570565570Low
9/24/2020Euro535540535540Low
9/23/2020Dollar455460455460Low
9/23/2020Pounds580585580585Low
9/23/2020Euro535540535540Low
9/22/2020Dollar455460455460Low
9/22/2020Pounds575585575580Low
9/22/2020Euro530535530535Low
9/21/2020Dollar453455450455Low
9/21/2020Pounds565570565570Low
9/21/2020Euro525530525530Low
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
9/11/2020Dollar450455450455Low
9/11/2020Pounds555565555565Low
9/11/2020Euro525530525530Low
9/10/2020Dollar455460455460Low
9/10/2020Pounds545560545560Low
9/10/2020Euro525530525530Low
9/9/2020Dollar430440430440Low
9/9/2020Pounds540555540555Low
9/9/2020Euro500510500510Low
9/8/2020Dollar435440435440Low
9/8/2020Pounds540550540550Low
9/8/2020Euro505515505515Low
9/7/2020Dollar435440435440Low
9/7/2020Pounds525530525530Low
9/7/2020Euro505515505515Low
9/4/2020Dollar425440425440Low
9/4/2020Pounds560580560580Low
9/4/2020Euro505515505515Low
9/3/2020Dollar425440425440Low
9/3/2020Pounds560580560580Low
9/3/2020Euro520535505515High
9/2/2020Dollar425440425440Low
9/2/2020Pounds570580560580Low
9/2/2020Euro535540520535Low
9/1/2020Dollar462465435440High
9/1/2020Pounds565575570580Low
9/1/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
8/12/2020Dollar470475470475Low
8/12/2020Pounds570575570575Low
8/12/2020Euro520530520530Low
8/11/2020Dollar477485477485Low
8/11/2020Pounds572584572584Low
8/11/2020Euro510523520535Low
8/10/2020Dollar477485477485Low
8/10/2020Pounds572584572584Low
8/10/2020Euro510523520535High
8/7/2020Dollar475486475486Low
8/7/2020Pounds578585578585Low
8/7/2020Euro536550536550Low
8/6/2020Dollar470480475486Low
8/6/2020Pounds575587578585Low
8/6/2020Euro534545536550Low
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
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8/7/2019Euro401405401405Low
5/7/2019Pounds458463458463Low
5/7/2019Dollar359362359362Low
5/7/2019Euro401405401405Low
4/7/2019Pounds458463458463Low
4/7/2019Dollar359362359362Low
4/7/2019Euro401405400405Low
3/7/2019Pounds458464458463Low
3/7/2019Dollar359361359362Low
3/7/2019Euro401405401405Low
2/7/2019Pounds458462458463Low
2/7/2019Dollar359361359361Low
2/7/2019Euro398402400404Low
1/7/2019Pounds458462458462Low
1/7/2019Dollar358360359361Low
1/7/2019Euro400403398403Low
28/06/2019Pounds457460457462Low
28/06/2019Dollar358360358360Low
28/06/2019Euro398402400403Low
27/06/2019Pounds458462458462Low
27/06/2019Dollar358360358360Low
27/06/2019Euro398402398402Low
26/06/2019Pounds458463458462Low
26/06/2019Dollar358360358360Low
26/06/2019Euro398402400403Low
25/06/2019Pounds458464458464Low
25/06/2019Dollar358361358361Low
25/06/2019Euro400403398402Low
24/06/2019Pounds458464460465Low
24/06/2019Dollar358361359361Low
24/06/2019Euro398402398403Low
21/06/2019Pounds460465458464Low
21/06/2019Dollar358361358361Low
21/06/2019Euro398402398402Low
20/06/2019Pounds460465468462Low
20/06/2019Dollar358361358361Low
20/06/2019Euro398402400403Low
19/06/2019Pounds460465460465Low
19/06/2019Dollar358361358361Low
19/06/2019Euro398401398402Low
18/06/2019Pounds460465462465Low
18/06/2019Dollar359361358361Low
18/06/2019Euro400403400405Low
17/06/2019Pounds462467462468Low
17/06/2019Dollar358361358361Low
17/06/2019Euro400404400404Low
14/06/2019Pounds426467426467Low
14/06/2019Dollar358361358361Low
14/06/2019Euro400404400404Low
13/06/2019Pounds467471462467Low
13/06/2019Dollar358361358361Low
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12/6/2019Pounds468471467471Low
12/6/2019Dollar358361358361Low
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11/6/2019Pounds465470467471Low
11/6/2019Dollar358361359361Low
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10/6/2019Pounds468472468472Low
10/6/2019Dollar358361358361Low
10/6/2019Euro404400400404Low
7/6/2019Pounds469473467471Low
7/6/2019Dollar358361358360Low
7/6/2019Euro400403398402Low
6/6/2019Pounds468472465470Low
6/6/2019Dollar358360358361Low
6/6/2019Euro398402403400Low
3/6/2019Pounds468472468472Low
3/6/2019Dollar358360358361Low
3/6/2019Euro398402398402Low
31/05/2019Pounds465470470474Low
31/05/2019Dollar358360358360Low
31/05/2019Euro397402400403Low
30/05/2019Pounds470474470474Low
30/05/2019Dollar358360358360Low
30/05/2019Euro400403400403Low
28/05/2019Pounds470474470474Low
28/05/2019Dollar358360358360Low
28/05/2019Euro400403400403Low
27/05/2019Pounds470474470474Low
27/05/2019Dollar358360358360Low
27/05/2019Euro400403400404Low
24/05/2019Pounds470474470474Low
24/05/2019Dollar358360358360Low
24/05/2019Euro400405400405Low
23/05/2019Pounds470474472475Low
23/05/2019Dollar358360358360Low
23/05/2019Euro400405400405Low
22/05/2019Pounds472475472475Low
22/05/2019Dollar358350358360Low
22/05/2019Euro400405400405Low
21/05/2019Pounds472475472473Low
21/05/2019Dollar358360358360Low
21/05/2019Euro400405400405Low
20/05/2019Pounds472475472475Low
20/05/2019Dollar358360358360Low
20/05/2019Euro400405400405Low
17/05/2019Pounds472475472475Low
17/05/2019Dollar358360358360Low
17/05/2019Euro400405400404Low
16/05/2019Pounds472475472475Low
16/05/2019Dollar358360358360Low
16/05/2018Euro400404400404Low
15/05/2019Pounds470475470475Low
15/05/2019Dollar358360358360Low
15/05/2019Euro400404400404Low
13/05/2019Pounds470475470475Low
13/05/2019Dollar358360358360Low
13/05/2019Euro400404400405Low
10/5/2019Pounds470475470475Low
10/5/2019Dollar358360358360Low
10/5/2019Euro400405400405Low
9/5/2019Pounds470475470475Low
9/5/2019Dollar358360358360Low
9/5/2019Euro400405400405Low
29/04/2019Pounds470475470475Low
29/04/2019Dollar358360358360Low
29/04/2019Euro400405400405Low
26/04/2019Pounds470475470475Low
26/04/2019Dollar358360358360Low
26/04/2019Euro400405400405Low
25/04/2019Pounds470475470475Low
25/04/2019Dollar358360358360Low
25/04/2019Euro400405400405Low
24/04/2019Pounds470475472476Low
24/04/2019Dollar358360358360Low
24/04/2019Euro400405400405Low
23/04/2019Pounds474478472476Low
23/04/2019Dollar355360358360Low
23/04/2019Euro390402400405Low
22/04/2019Pounds472476472476Low
22/04/2019Dollar357360358360Low
22/04/2019Euro400405400405Low
19/04/2019Pounds467471470475Low
19/04/2019Dollar355360357360Low
19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

GTBank 728 x 90
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Currencies

Naira depreciates at NAFEX window as banks limit forex transactions for unofficial market

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window, closing at N385.83/$1.

Published

on

Forex, Nafex, parallel market, exchange rate, Naira, Dollar

Forex turnover dropped by 24.7% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N385.83/$1 during intraday trading on Friday, October 16.

Also, the naira remained stable against the dollar, closing at N462/$1 at the parallel market on Friday, October 16, 2020, as banks limit foreign exchange transactions by both individuals and corporate organizations on the unofficial black market to curb speculation according to Reuters

READ: Exchange rate maintains stability as BDCs expect another dollar supply from CBN

This is also despite the continuation of the protest against the special anti-robbery unit (SARS) by the Nigerian youth which has limited movement in major cities across the country especially Lagos.

Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Friday. This was the same rate that it exchanged for on Thursday, October 15.

GTBank 728 x 90

READ: Naira stabilizes across forex markets as BDCs get over $450m allocation from CBN in 1 month

READ: Exchange rate gains at NAFEX window as BDCs get further dollar supply from CBN

Current developments

  • The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $500 million to BDCs since they resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
  • BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
  • We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market.
  • There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market.

READ: Naira remains stable against the dollar across the forex markets despite liquidity squeeze

GTBank 728 x 90

NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N385.83/$1.

  • This represents a 16 kobo drop when compared with the N385.67/$1 that it exchanged for on Thursday, October 15.
  • The opening indicative rate was N386.04 to a dollar on Wednesday. This represents a 34 kobo gain when compared to the N386.38 that was recorded on Tuesday.
  • The N392.79 to a dollar is the highest rate during intraday trading before closing at N385.67. It also sold for as low as N383/$1 during intraday trading.

Explore Data on the Nairametrics Research Website

Download the Nairametrics News App

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 464% on Thursday, October 15, 2020.

  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $166.55 million on Thursday, October 15, 2020, to $125.40 million on Friday, October 16, 2020.
  • The CBN had in the past weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The huge increase in forex supply after yesterday’s drop reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand and a shaky economy that has been hit by the coronavirus pandemic.
  • According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation.

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Currencies

Exchange rate gains at NAFEX window as dollar supply improves significantly

At the black market, the Naira remained stable against the dollar to close at N462/$1 on Thursday.

Published

on

Central Bank of Nigeria, Foreign exchange market, Naira vs dollas, IMF, Foreign Reserves, External reserves, CBN, Why do we all love the dollar? 

Forex turnover rose significantly by 464% as Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.67/$1 during intraday trading on Thursday, October 15.

Also, the naira remained stable against the dollar, closing at N462/$1 at the parallel market on Thursday, October 15, 2020 as BDC operators get another round of dollar supply from CBN

READ: Naira stabilizes across forex markets as BDCs get over $450m allocation from CBN in 1 month

This is also despite the continuation of the protest against the special anti-robbery unit (SARS) by the Nigerian youth which has limited movement in major cities across the country especially Lagos.

Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Thursday. This was the same rate that it exchanged for on Wednesday, October 14.

GTBank 728 x 90

READ: Nigeria records lowest remittances from abroad since 2008

Current developments

  • The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $450 million to BDCs since they resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
  • BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
  • We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market.
  • There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market.

READ: Exchange rate stabilizes across forex markets as BDC window gets fresh dollar supply

GTBank 728 x 90

NAFEX: The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N385.67/$1.

  • This represents a 16 kobo gain when compared with the N385.83/$1 that it exchanged for on Wednesday, October 14.
  • The opening indicative rate was N386.04 to a dollar on Wednesday. This represents a 34 kobo gain when compared to the N386.38 that was recorded on Tuesday.
  • The N392.78 to a dollar is the highest rate during intraday trading before closing at N385.67. It also sold for as low as N382/$1 during intraday trading.

Explore Data on the Nairametrics News Website

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window increased significantly by 464% on Thursday, October 15, 2020.

  • According to the data tracked by Nairametrics from FMDQ, forex turnover rose from $29.53 million on Wednesday, October 14, 2020, to $166.55 million on Thursday, October 15, 2020.
  • The CBN had in the past weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The huge increase in forex supply after yesterday’s drop reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand and shaky economy that has been hit by the coronavirus pandemic

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